Year

Change

1950-(1^st year)

Continuous growth

1969 (20^th year)

9%

1975-1977 (26^th-28^th years)

10%; 9%

1979 (30^th year)

Tanker depression; multiple oil price rises

1981-1987 (32^nd-39^th years) dry cargo depression

Low or negative growth rates

1989 (40^th year)

Fleet’s growth returned, 1.8%; lower growth rates than before 1975

1993 (44^th year)

6% (good year)

1994-2008

Matters improved